TD bank in Edmonton's Ice District on May 5. The bank just reported second quarter earnings.Amanda Erickson/The Globe and Mail
Toronto-Dominion Bank TD-T is revamping its capital markets leadership by naming a new president of the division and promoting new heads of investment banking and global research from within.
Dan Charney, currently the head of global markets, which oversees all trading activity, is the new president of TD Securities, reporting to division head Tim Wiggan. He will remain responsible for leading global markets but will now also oversee global research and senior relationship management.
TD is also promoting Geoff Bertram, a two-decade veteran of the bank, to head of corporate and investment banking. Mr. Bertram rose through the investment banking division in the equity capital markets group and then covered financial institutions, and he takes over from Larry Wieseneck, who becomes chairman of TD Securities.
Rounding out the senior shuffle, TD named Lisa Thomas as its new head of global research.
TD executive jumps to BMO to head Canadian business banking
TD has beefed up its capital markets footprint in recent years, largely through the acquisition of Cowen Inc., a New York-based investment bank. However, the integration has been a delicate matter as the bank brought together two distinct cultures – one from an American firm that specialized in the mid-market investment banking and another from one of Canada’s largest lenders that historically emphasized retail and commercial banking.
Complicating the integration, TD ran into money laundering issues in the United States after the acquisition that resulted in a historic fine from the U.S. Justice Department and an overhaul of its senior leadership and board of directors.
In the aftermath, Tim Wiggan was appointed chief executive officer of TD Securities. A veteran of TD Bank who was tapped as top talent under former chief executive officer Ed Clark, he has moved through multiple areas of the bank and held roles that have included co-head of investment banking, co-head of global markets and chief executive officer of TD Asset Management.
He also served as head of wealth management for the entire bank, but held the role for only 10 months before moving to his current role after the executive team was reorganized in 2024.
Mr. Wiggan has been putting his management team in place over the past two years and the process has been chaotic at times, with a steady drum beat of changes. In April, 2025, for instance, the bank parted ways with its then co-head of global markets, Chris Vogel.
Throughout the changes, TD has tried to maintain the delicate balance between long-time TD bankers and newcomers from Cowen. In the latest round, Mr. Bertram, the new head of corporate and investment banking, comes from TD, while the new head of research joined from Cowen, as is Mr. Charney, the new president.
Mr. Bertram is taking over for Larry Wieseneck, who joined TD from Cowen, where he was co-president. Mr. Wieseneck will remain with TD Securities as chairman, providing counsel on strategy and key client relationships.
In an interview, Mr. Wiggan, the head of TD Securities, acknowledged the division has gone through a string of leadership moves, but described the new round as “orderly change,” adding that the moves are “about setting up for our continued growth.”
They also follow some goals the bank set out for its capital markets division during a recent investor day, and the new leaders are tasked with achieving them.
“We have connectivity with the clients we want to do business with, but it’s about doing more with them,” Mr. Wiggan said. In other words, TD wants to offer multiple services to clients, from investment banking advice to corporate lending to foreign exchange and derivatives services, which should generate better margins for the bank.
TD has also been focused on cost control and being more disciplined about how it deploys its financial resources – particularly the clients it lends to.
Mr. Wiggan said these efforts are starting to bear fruit. The bank just reported second quarter earnings and TD Securities posted a 14.5 per cent return on equity. “For the first time since we acquired Cowen in 2023, that was at, to slightly above, the bank as a whole.”
Editor’s note: This story has been updated to correct my Mr. Wiggan's role at TD Asset Management. He was previously chief executive officer.